Transense Technologies PLC Licence Agreement with GE (3908E)
18 July 2016 - 4:00PM
UK Regulatory
TIDMTRT
RNS Number : 3908E
Transense Technologies PLC
18 July 2016
18 July 2016
Transense Technologies Plc
("Transense" or "the Company")
Licence Agreement with GE
Transense Technologies Plc (AIM: TRT), the provider of sensor
systems for the transportation and industrial markets, is pleased
to announce that it has signed a licencing agreement (the
"Agreement") with General Electric Company ("GE") for the use of
Transense's patented, wireless, passive Surface Acoustic Wave (SAW)
technology in certain specific torque applications.
The Agreement, which is non-exclusive, provides for a
non-refundable payment to Transense of US$500,000 on signing. GE
will pay a further non-refundable payment to Transense of
US$250,000, subject to the Company's SAW technology passing various
tests to be conducted by GE. Should GE not make this further
payment by 30 June 2017, the licence will terminate. In addition,
GE will pay a perpetual sales royalty to the Company in respect of
each unit using the technology.
Graham Storey, CEO of Transense Technologies, said: "The signing
of this licensing agreement with GE is a very significant
development for Transense. Having worked closely with GE since the
signing of the memorandum of understanding a year ago, we are very
pleased that they have recognised the value of incorporating our
SAW technology in certain of their products and are making this
commitment. As the licence to GE is both non-exclusive and is valid
for only a relatively narrow field of use it clearly benchmarks the
overall value of the Company's IP portfolio. We continue to work
with other potential partners to deploy our SAW technology in the
commercial environment."
For further information please visit www.transense.co.uk or
contact:
Transense Technologies Plc Tel: +44 (0) 1869 238380
Graham Storey, Chief Executive
finnCap Tel: +44 (0) 20 7220
Ed Frisby, Giles Rolls (Corporate 0500
Finance)
Tony Quirke, Alice Lane
(Corporate Broking)
IFC Advisory Tel: +44 (0) 20 3053
Tim Metcalfe, Graham Herring, 8671
Heather Armstrong
About GE
GE (NYSE: GE) is the world's Digital Industrial Company,
transforming industry with software-defined machines and solutions
that are connected, responsive and predictive. GE is organized
around a global exchange of knowledge, the "GE Store" through which
each business shares and accesses the same technology, markets,
structure and intellect. Each invention further fuels innovation
and application across our industrial sectors. With people,
services, technology and scale, GE delivers better outcomes for
customers by speaking the language of industry. www.ge.com.
About Transense Technologies
Based in Oxfordshire, UK, Transense has developed
patent-protected sensor systems and supporting technology for use
in a variety of diverse high growth markets. Transense's Surface
Acoustic Wave (SAW), wireless, battery-less, sensor systems offer
significant advantages over legacy wireless sensor systems.
Transense is targeting the transport and mining industries, and the
global torque, temperature and pressure sensing markets, via its
trading divisions, Translogik and SAWSense.
Transense's shares are admitted to trading on AIM, a market
operated by the London Stock Exchange (AIM: TRT).
www.transense.co.uk
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
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July 18, 2016 02:00 ET (06:00 GMT)